MILAN — Moncler Group closed 2025 with results well above market expectations, and management was upbeat about prospects, seeing an acceleration in the fourth quarter last year and positive current trading.
In the 12 months ended Dec. 31, the group’s consolidated revenues rose 1 percent to 3.13 billion euros compared with 3.1 billion euros in 2024. At constant currency they were up 3 percent.
In the fourth quarter, group revenues totaled 1.3 billion euros, up 7 percent at constant currency, compared with the same period of 2024.
During a call with analysts at the end of trading on Thursday, Remo Ruffini, group chairman and chief executive officer, underscored the strong acceleration in the last quarter of 2025, the net cash pile of 1.5 billion euros, and the quality of the performance achieved, “preserving our identity, clarity of strategy and creativity” while staying “ grounded and flexible in a continuously volatile context.”
He remarked on the “natural next step” in the evolution of the group with the arrival of Leo Rongone from Bottega Veneta as group CEO on April 1, touting the strength of its structure, and how he will continue to be “fully involved, with the same passion and commitment, staying true to who we are with curiosity and the courage to evolve.” Embracing change, he said, leads to success. Ruffini will take on the role of executive chairman, maintaining responsibility for creative direction.
As reported, as part of a reorganization of Moncler’s corporate structure, Roberto Eggs will be stepping down from his role as chief business and global market officer effective March 1, while remaining on the board of directors.
“We move into 2026 with a well-established platform as well as a strong determination to continue shaping our future. Our ambition is clear: to keep strengthening our brands, investing in our organization, and building enduring value over time,” Ruffini concluded.
Leo Rongone and Remo Ruffini
courtesy image
In 2025, group net profit amounted to 626.7 million euros, compared with 639.6 million euros, but 6 percent above consensus. The decrease was mainly due to higher net financial expenses. These totaled 26.2 million euros in 2025 compared with 6.5 million euros in 2024.
Group operating profit totaled 913.4 million euros, compared with 916.3 million euros in 2024, but 5 percent above consensus, with a margin of 29.2 percent on sales.
Fresh off presenting the Moncler Grenoble fall collection in Aspen, both Gino Fisanotti, Moncler chief brand officer, and Eggs repeatedly highlighted Moncler’s focus on the U.S., where the brand’s biggest store yet will open in New York on Fifth Avenue this year.
Asked about current trading, Eggs said the acceleration seen at the end of December was registered also in January and February so far, with “strong Asia and U.S.” in both channels. “Korea also saw a strong rebound in the fourth quarter compared with the previous quarter, and we are very happy with the start of the year also in mainland China.”
Moncler
Moncler revenues in 2025 were up 1 percent to 2.72 billion euros, compared with 2.7 billion euros in 2024. At constant currency they were up 3 percent. In the fourth quarter, sales were up 6 percent at constant currency, with all regions improving.
Revenues in the Americas rose 3 percent to 391.1 million euros, representing 14.4 percent of the total. In the fourth quarter, revenues in the region gained 9 percent at constant currency, supported by local spending, and a positive performance in the wholesale channel, said Eggs.
Moncler Grenoble RTW fall 2026
Giovanni Giannoni/WWD
Sales in Asia, which includes the Asia-Pacific, Japan and Korea regions, amounted to 1.4 billion euros, up 3 percent and representing 52 percent of the total. In the fourth quarter, revenues in the region were up 11 percent at constant currency, accelerating on the previous quarter, despite a challenging comparable base. All countries grew in the quarter, supported by a positive contribution from both local customers and tourists, with China and Korea outperforming, Eggs said.
The Europe, Middle East and Africa region recorded revenues of 913.8 million euros, a 4 percent decrease and accounting for 33.6 percent of the total. In the fourth quarter, revenues in the region were down 3 percent at constant currency, with traffic in the direct-to-consumer channel still impacted by relatively subdued tourism trends in the region.
In 2025, the DTC channel was up 1 percent to 2.36 billion euros and in the fourth quarter sales rose 7 percent at constant currency, the best quarterly performance in the year. Asia and the Americas drove the growth, while EMEA was weaker, still affected by subdued traffic.
Like-for-like sales were down 1 percent compared with 2024.
Moncler’s wholesale revenues declined 4 percent to 361.3 million euros, but in the fourth quarter, they were up 2 percent at constant currency, as the group continues to upgrade and streamline this channel.
As of Dec. 31, there were 295 directly operated Moncler stores. Relevant activities in the quarter included the opening of a store in Gwanggyo in Korea, as well as the expansion of the Seattle store in the U.S. The Moncler brand also operated 49 monobrand wholesale stores, a net decrease of seven units compared with the end of December 2024.
Fisanotti touted the “unlimited potential” of Moncler and the opportunities with Grenoble, as the company is also working on a “further and deeper” year-round offering.
Stone Island revenues in 2025 amounted to 411.2 million euros, up 2 percent, compared with 401.6 million euros in 2024. In the fourth quarter, they rose 16 percent at constant currency, with all regions up double digits.
In Asia, Stone Island sales last year reached 116.3 million euros, growing 11 percent. In the fourth quarter, the region grew by 22 percent at constant currency, accelerating sequentially across all areas in the region, with China and Japan continuing to outperform.
In 2025, EMEA sales were flat at 268.7 million euros. In the fourth quarter, revenues were up 12 percent at constant currency, driven by the continued solid performance of the DTC channel and the improvement registered in the wholesale channel.
Revenues in the Americas were down 5 percent but in the fourth quarter, they rose 26 percent at constant currency, with both the DTC and wholesale channels growing at a double-digit pace.
Stone Island CEO Robert Triefus highlighted the “strong momentum [that] emerged in the third quarter and [is] gaining steam in the fourth quarter,” the result of a long-term strategy.
In 2025, Stone Island’s DTC channel grew by 8 percent to 226.4 million euros, representing 55.1 percent of sales. In the fourth quarter, revenues in this channel were up 16 percent at constant currency, showing an acceleration on the third quarter. All regions registered a solid performance, with the Americas and Asia outperforming.
The wholesale channel recorded revenues of 184.8 million euros, down 4 percent, but in the fourth quarter, revenues increased by 17 percent at constant currency due to a different timing of deliveries.
As of Dec. 31, there were 95 directly operated Stone Island stores, an increase of five units compared with the end of December 2024, including for example new stores in stores in Costa Mesa, Calif., and in Yorkdale, Canada. Stone Island also operated 11 monobrand wholesale stores.
Financials
Luciano Santel, group chief corporate and supply officer, said that, in terms of foreign exchange, he expected a 4 percent impact on the top line in 2026, “based on what we know today.”
Pricing is expected to go up low-single digit, around 3 percent for both brands in the year.
In 2025, the consolidated gross profit amounted to 2.44 billion euros, with an incidence on revenues of 78.1 percent, in line with 2024.
In 2025, net capital expenditures amounted to 215.6 million euros, or 6.9 percent of revenues, compared with 186.7 million euros in 2024, reflecting higher investments in the distribution network and in infrastructure projects, including the new corporate headquarters in Milan. Santel said capex in 2026 will return to a 6 percent incidence on revenues.
As of Dec. 31, the net financial position (excluding the effect related to IFRS 16) was equal to 1.45 billion euros, compared with 1.3 billion euros of net cash at the end of December 2024.
Net cash flow in 2025 was positive and equal to 149.3 million euros after the payment of 353.2 million euros of dividends, compared to a positive net cash flow of 275.1 million euros in 2024.
